I'll give a short answer and then Chris can elaborate on it. We have actually slimmed down the technology to very much those areas, and there's a test site in terms of Savuka where we can actually use it in terms of the Mponeng operation, particularly the

and i'll give a short answer and then chris can elaborate on it we have actually slimmed down the technology to very much those areas and there's a test site in terms of sabuka where we can actually use it in terms of the imponang operation particularly the


element of our overall business. That's the part that we have to get right. I mean, we're pretty darn -- look, we're never fully satisfied. That's just not the nature of the management team here. But we're pleased with what's going on in Europe. We're pleased with what's going on in Canada.

element of our overall business that's the part that we have to get right i mean we're pretty darn -- look we're never fully satisfied that's just not the nature of the management team here but we're pleased with what's going on in europe we're pleased with what's going on in canada


as well as expanding the awareness of our other indications that can be treated effectively with the XTRAC. I'm enthusiastic about positioning STRATA as the valued business partner of choice for dermatology and aesthetic medicine practices.

as well as expanding the awareness of our other indications that can be treated effectively with the xtrac i'm enthusiastic about positioning strata as the valued business partner of choice for dermatology and aesthetic medicine practices


Further, investors should keep in mind that Tecnoglass' financial results in any particular period may not be indicative of future results. Tecnoglass is under no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements,

further investors should keep in mind that technoglass' financial results in any particular period may not be indicative of future results technoglass is under no obligation to and expressly disclaims any obligation to update or alter its forward-looking statements


be edited, assembled, accessed, translated, rendered and submitted to regulators. Our Language Solutions and other reporting unit includes traditional commercial printing as well as our Language Solutions offering,

be edited assembled accessed translated rendered and submitted to regulators our language solutions and other reporting unit includes traditional commercial printing as well as our language solutions offering


This extends the antenna's range and subscriber count significantly by allowing weaker signals to get through, a key differentiator as operators strive to maximize cell coverage and quality of service.

this extends the antenna's range and subscriber count significantly by allowing weaker signals to get through a key differentiator as operators strive to maximize cell coverage and quality of service


plant. And Clifford has mentioned that our prices achieved did not quite lift what we had last year, and that is purely a function of the smaller or fewer number of large stones that have come through. I have been asked in the runup to these

clifford has mentioned that our prices achieved have not quite met what we had last year and that is purely a function of the smaller -- or fewer number of large stones that have come through i have been asked in the run-up to these


and providing them with a customized experience as they explore our program offerings and courses and evaluate our universities as their choice for education. Lastly, we continue to develop and enhance our overall mobility capabilities

and providing them with a customized experience as they explore our program offerings and courses and evaluate our universities as their choice for education lastly we continue to develop and enhance our overall mobility capabilities


Looking ahead, we have a high quality, well diversified portfolio and we're committed to maximizing value for our shareholders as we focus on generating solid operating performance, continuing to be opportunistic on transactions, and proactively managing our balance sheet.

looking ahead we have a high-quality well-diversified portfolio and we're committed to maximizing value for our shareholders as we focus on generating solid operating performance continuing to be opportunistic on transactions and proactively managing our balance sheet


And as a reminder, we take ownership of these direct imported goods earlier as we record in-transit inventory on our balance sheet when the goods leave the overseas ports. Now I would like to turn to our guidance.

and as a reminder we take ownership of these direct imported goods earlier as we record in-transit inventory on our balance sheet when the goods leave the overseas ports now i would like to turn to our guidance


We entered 2019 with a very strong platform in place from a business development standpoint, and we're seeing strong experienced leadership in place in each of our profit centers now, a full marketing team in place for the first time in a year,

we entered 2019 with a very strong platform in place from a business development standpoint and we're seeing strong experienced leadership in place in each of our profit centers now a full marketing team in place for the first time in a year


This reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact we discontinued recognizing equity income on the Patriot plant at May 31 upon the close of that sale.

this reflects the lower operating performance of these plants consistent with the industry this year versus last year and the fact we discontinued recognizing equity income on the patriot plant at may 31 upon the close of that sale


which is attributable to the significant pull forward of orders into the first quarter this year, as well as the challenging and promotional retail environment, which included closing of some account doors and a surplus of product in the marketplace.

which is attributable to the significant pull-forward of orders into the first quarter this year as well as the challenging and promotional retail environment which included closing of some account doors and a surplus of product in the marketplace


That is almost a full logistic operation. That's a whole different model than making cable in large volume and send it to Europe. This kind of project element, that's the business which we do, where other components come in.

that is almost a full logistic operation that's a whole different model than making cable in large volume and send it to europe this kind of project element that's the business which we do where other components come in


as their first major customer and application for electrification. Peterbilt will electrify a number of Class 8 transport and refuse trucks as first adopters working with the Meritor E-axle.

as their first major customer and application for electrification peterbilt will electrify a number of class 8 transport and refuse trucks as first adopters working with the meritor e-axle


It develops, designs and manufactures flexible pipe and water treatment systems for Subsea production applications and enjoys considerable technical leadership and advantages, having delivered over 7,000 processed miles of flexible pipe.

it develops designs and manufactures flexible pipe and water treatment systems for subsea production applications and enjoys considerable technical leadership and advantages having delivered over 7 000 process miles of flexible pipe


And on the litigation side, the resolution of several litigation matters in the quarter was materially covered by existing accruals. Please note that the numbers for the quarter also include a goodwill impairment for Global Markets,

and on the litigation side the resolution of several litigation matters in the quarter was materially covered by existing accruals please note that the numbers for the quarter also include a goodwill impairment for global markets


of at least a comparable level to that of 2017 and to generate improved earnings now that the Alto Maipo project in Chile no longer has a negative effect on the segment's result.

of at least a comparable level to that of 2017 and to generate improved earnings not that the altamira project in chile no longer has a negative effect on the segment's result


As we discussed on our last earnings call, our first quarter was very challenging. Excluding Los Angeles, our radio net revenues reported to Miller Kaplan during our first fiscal quarter, which excludes certain barter and syndication revenues,

as we discussed on our last earnings call our first quarter was very challenging excluding los angeles our radio net revenues reported to miller kaplan during our first fiscal quarter which excludes certain barter and syndication revenues


As we would expect in this environment, our active commodity, natural resource equity and multi-strategy real asset portfolios posted solidly positive returns and materially outperformed their benchmarks.

as we would expect in this environment our active commodity natural resource equity and multi-strategy real asset portfolios posted solidly positive returns and materially outperformed their benchmarks


As a reminder, we are a small public company with a footprint that covers 13 countries, which means that we have costs that are largely fixed in this area. The increase is primarily due to increases in employee-related costs

as a reminder we are a small public company with a footprint that covers 13 countries which means that we have costs that are largely fixed in this area the increase is primarily due to increases in employee-related costs


to reduce or avoid the repayment of the amounts owed to creditors like Syncora. There's also been a discussion of the flight of human capital from the island that could negatively affect the economic recovery of Puerto Rico.

to reduce or avoid the repayment of the amounts owed to creditors like suncor there's also been a discussion of the flight of human capital from the island that could negatively affect the economic recovery of puerto rico


understand you're indicating a lower run rate than certainly what it's enjoyed in the past couple of years, but -- relative to the backlog that you have secured now. So near term, is that -- is it full utilization that you're looking for in the first quarter? Or are there gaps in the scheduling given the nature of spot?

understand you're indicating a lower run rate than certainly what it's enjoyed in the past couple of years but relative to the backlog that you have secured now so near term is that -- is it full utilization that you're looking for in the first quarter or are there gaps in the scheduling given the nature of spot


While the trends we have seen so far in several of our North Dakota markets have trailed our budgets due to continued uncertainty in the oil-impacted markets and supply pressures elsewhere, these issues convey the importance

while the trends we have seen so far in several of our north dakota markets have trailed our budgets due to continued uncertainty in the oil impacted markets and supply pressures elsewhere these issues convey the importance


particularly for transitional properties. Unlike other forms of first debt lending, bridge lending has minimal barriers to entry, and there seems to be a new debt fund up every day to deploy capital into this market.

particularly for transitional properties unlike other forms of first debt lending bridge lending has minimal barriers to entry and there seems to be a new debt fund popping up every day to deploy capital into this market


Our strong cash position continued and was the major source of funding for the acquisition. Concurrent with the signing of the acquisition agreement, we amended our credit facility.

our strong cash position continued and was the major source of funding for the acquisition concurrent with the signing of the acquisition agreement we amended our credit facility


Jeff, it's Nick. I think you have to look at the change we made in the pension plan last quarter, and the impact that had on the overall pension cost is a big part of that.

yes jeff is nick i think you have to look at the change we made in the pension plan last quarter and the impact that had on the overall pension cost is a big part of that


Please refer to our most recent Form 10-K and SEC filings for more information on those risks. We believe that a combination of both GAAP and non-GAAP measures are more representative of how we internally measure our business.

please refer to our most recent form 10-k and sec filings for more information on those risks we believe that a combination of both gaap and non-gaap measures are more representative of how we internally measure our business


Similar to the last quarter, the 0 to 15-day booking window remains weak with lower fares compared to the same period last year. This has been further accentuated by the significant increase in capacity in the market.

similar to the last quarter the 0 to 15 day booking window remains weak with lower fares compared to the same period last year this has been further accentuated by the significant increase in capacity in the market


Okay, great. And then just when you -- because you've had the sale of facility, you've gotten out of markets, are you expecting working capital to be a source of cash again this year?

okay great and then just when you -- because you've had the sale of facilities you've gotten out of markets are you expecting working capital to be a source of cash again this year


On this call, we will discuss certain non-GAAP measures. A reconciliation of the most comparable GAAP measurement is provided in our corresponding earnings release and included in the supplemental financial data on the Investors page of our website.

on this call we will discuss certain non-gaap measures a reconciliation of the most comparable gaap measurement is provided in our corresponding earnings release and included in the supplemental financial data on the investors page of our website


Between the time that you'd experience from order to delivery market as well as redistribution to shelf and tabletop create some challenges because the ZAR moves relative to the foreign currencies quite significantly.

between the time that you would experience from order to delivery in market as well as redistribution to shelf and tabletop creates some challenges because the saar moves relative to the foreign currencies quite significantly


Additionally, if we identify an acquisition that makes compelling, strategic and financial sense, we have the financial flexibility to take advantage of it and maintain a strong balance sheet.

additionally if we identify an acquisition that makes compelling strategic and financial sense we have the financial flexibility to take advantage of it and maintain a strong balance sheet


Our Delivery Systems is well positioned to support our major customers in these investments. China will become an important geography, and our new manufacturing plant in China will position us well in this market.

our delivery systems is well positioned to support our major customers in these investments china will become an important geography and our new manufacturing plant in china will position us well in this market


we compete with that pipeline cost, particularly the future pipeline cost with the anticipated construction of a new pipeline out of Bakken to the Gulf Coast to be able to get to the West coast. And

we compete with that pipeline cost particularly the future pipeline cost with the anticipated construction of a new pipeline out of bakken to the gulf coast to be able to get to the west coast and we


Due to the improvement in our project slate, we believe that most of these cost and efficiency gains are durable over the long term. With respect to 2017 services costs, we note that a significant majority of our capital costs are locked in for the year.

due to the improvement in our project slate we believe that most of these cost and efficiency gains are durable over the long term with respect to 2017 services costs we note that a significant majority of our capital costs are locked in for the year


In pharma, we continue to see macro trends of rising global regulatory standards, increasing global patient access to prescription drugs and the growing testing needs of new biologic drugs that feature an ever-increasing complexity of molecular structure.

in pharma we continue to see macro trends of rising global regulatory standards increasing global patient access to prescription drugs and the growing testing needs of new biologic drugs that feature an ever-increasing complexity of molecular structure


with our customers is probably more optimistic and positive than it was a few months ago. But it's really hard to tell exactly how those talks are coming along. We're optimistic that it will get resolved at some point.

with our customers is probably more optimistic and positive than it was a few months ago but it's really hard to tell exactly how those talks are coming along we're optimistic that it will get resolved at some point


Historically, the company experiences a use of cash in the first quarter as it's generally the lowest revenue quarter of the year and incentive compensation payouts from the prior year are made. In addition,

historically the company experiences a use of cash in the first quarter as it's generally the lowest revenue quarter of the year and incentive compensation payouts from the prior year are made in addition


This increase over the past few years compares favorably to single product lenders shown on the far right, which originates most of their loans in the high-risk buckets.

this increase over the past few years compares favorably to single product lenders shown on the far right which originates most of their loans in the high-risk buckets


Customers recognize that our audio solutions are optimized to deliver the best performance for these types of tasks, and this is resulting in strong design activity across all types of IoT devices for our microphones as well as our audio processors.

customers recognize that our audio solutions are optimized to deliver the best performance for these types of tasks and this is resulting in strong design activity across all types of iot devices for our microphones as well as our audio processors


But our growing volume of tax has the opposite effect of accelerating our ability to recognize revenue. We're able to pull into a quarter all of the test reported in that quarter, multiplied by the amount we estimate that we will collect in the future.

but our growing volume of tests has the opposite effect of accelerating our ability to recognize revenue we're able to pull into a quarter all of the tests reported in that quarter multiplied by the amount we estimate that we will collect in the future


This segment of our business is now much larger and faster-growing than our legacy eBay Marketplace business, and we expect this growth to continue in 2019 as we expand our current partnerships and welcome new partners onto our platform.

this segment of our business is now much larger and faster growing than our legacy ebay marketplace business and we expect this growth to continue in 2019 as we expand our current partnerships and welcome new partners onto our platform


organically build some areas where we don't have the expertise. But now we would entertain an appropriate larger deal as we said we're putting in the capabilities so that we can put more assets onto the platform more efficiently.

organically build some areas where we don't have the expertise but no we would entertain an appropriate larger deal as we said we're putting in the capabilities so that we can put more assets onto the platform more efficiently


Asia I would say we're seeing slowing growth. And additionally, what has traditionally been pretty steady for us, the service business, we are seeing some lower service demands in our developed markets.

asia i would say we're seeing slowing growth and additionally what has traditionally been pretty steady for us the service business we are seeing some lower service demands in our developed markets


on a revenue basis. And we expect to grow operating income faster than revenues, in part due to normal operating leverage and in part due to the benefits of the efficiency programs we have implemented in our Specialty Chemicals segment.

on a revenue basis and we expect to grow operating income faster than revenues in part due to normal operating leverage and in part due to the benefits of the efficiency programs we have implemented in our specialty chemicals segment


In December, we announced that we surpassed a year early our target to collect 5 million pledges to never drink and drive by activating Join The Pact campaigns in over 40 countries.

in december we announced that we surpassed a year early our target to collect 5 million pledges to never drink and drive by activating join the pact campaigns in over 40 countries


We continue to believe it's the right trade-off. We also know we have a lot left to do to build a great shopping operation. We need to continue to improve our merchandising, assortment and category mix to deliver a better balance of top line growth and gross profit generation.

we continue to believe it's the right trade-off we also know we have a lot left to do to build a great shopping operation we need to continue to improve our merchandising assortment and category mix to deliver a better balance of top line growth and gross profit generation


These results reflect our ability to execute our strategy in spite of an uncertain marketplace, seasonal holiday plant closures and some additional weather-related disruptions that occurred near the end of the quarter.

these results reflect our ability to execute our strategy in spite of an uncertain marketplace seasonal holiday plant closures and some additional weather-related disruptions that occurred near the end of the quarter


We're taking a 2-step approach for the connection in the home, I mean, the physical connection in the home. It is when we're opening the roads and when we are active in the streets, we offer the various customers

we're taking a two-step approach for the connection in the home or the physical connection in the home it is when we're opening the roads and when we are active in the streets we offer the various customers


That's another opportunity for us on the train length side on this network. So several of those are out there in the coming years. We'll be working with our customers to try to convert them from a productivity standpoint. If I look at other opportunities of productivity, we haven't talked about it yet.

that's another opportunity for us on the training side on this network so several of those are out there in the coming years we'll be working with our customers to try to convert them from a productivity standpoint if i look at other opportunities of productivity we haven't talked about it yet


but I would say that we'll be back to a normal situation by end of March, which is going to mean that, from beginning of March to really April, the evaluations that should have probably kicked off 3 to 6 months ago are really be kicking off and in full swing.

but i would say that we'll be back to a normal situation by end of march which is going to mean that from beginning of march to really april the evaluations that should have probably kicked off 3 to 6 months ago are really going to be kicking off and in full swing


Please note that today's call contains forward-looking statements, statements that are based on current assumptions and subject to risks and uncertainties that could cause actual results to differ materially from those projected.

please note that today's call contains forward-looking statements statements that are based on current assumptions and subject to risk and uncertainties that could cause actual results to differ materially from those projected


On the other hand, countries more dependent on commodities continue to face challenges as prices are still low and, with a few exceptions, don't show any signs of a strong recuperation.

on the other hand countries more dependent on commodities continue to face challenges as prices are still low and with a few exceptions don't show any signs of a strong recuperation


In 2016, you can expect more of the same from us as we invest in our brands and our infrastructure and our people. We are confident in our ability to deliver consistent, profitable and sustainable growth.

in 2016 you can expect more of the same from us as we invest in our brands and our infrastructure and our people we are confident in our ability to deliver consistent profitable and sustainable growth


And Shneur, the only thing I would add to that is, it really is kind of a tension between we're already there and so we don't have to do things, but the positive of that is because we're there, we do have synergy, we do have opportunities

yes and shanira the only thing i would add to that is it really is kind of a tension between we're already there and so we don't have to do things but the positive of that is because we're there we do have synergy we do have opportunities


Now turning to our outlook. We continue to execute our transformation strategy to diversify our revenue streams to the more profitable oilfield ceramic technology products and the industrial and environmental markets.

now turning to our outlook we continue to execute our transformation strategy to diversify our revenue streams to the more profitable oilfield ceramic technology products and the industrial and environmental markets


Our Pacific Northwest Timber segment also reported higher harvest volumes as well as a 17% lift in average delivered sawtimber pricing, driven by continued strengthening of both domestic and export markets.

our pacific northwest timber segment also reported higher harvest volumes as well as a 17% lift in average delivered sawtimber pricing driven by continued strengthening of both domestic and export markets


Food Colors business to incorporate North Asia, that's only a small chunk of it. So the remaining part of Asia Pacific is -- it's a combination of Flavor and Color and probably pretty close to that ratio you just quoted. Okay.

food colors business to incorporate north asia that's only a small chunk of it so the remaining part of asia pacific is it's a combination of flavor and color and probably pretty close to that ratio you just quoted okay


the timing and amount of insurance service revenue and insurance costs, in the case of net service revenues, and the income tax impact and number of shares granted in market price needed to quantify stock-based compensation expense,

the timing and amount of insurance service revenue and insurance costs in the case of net service revenues and the income tax impact a number of shares granted and market price needed to quantify stock-based compensation expense


And as a result, we believe, over time, this unique financial characteristic will lead to a full valuation for Vistra. It takes very low maintenance capital to support the EBITDA of the company given the combination of highly efficient, low-cost, in-the-money fleet

and as a result we believe over time this unique financial characteristic will lead to a full valuation for vistra it takes very low maintenance capital to support the ebitda of the company given the combination of highly efficient low-cost in-the-money fleet


We believe it is prudent at this point to reaffirm our guidance and wait until our third quarter call to consider an update to both the 2018 and 2019 guidance ranges. However, we feel very good about where we are at this point in time.

we believe it is prudent at this point to reaffirm our guidance and wait until our third quarter call to consider an update to both the 2018 and 2019 guidance ranges however we feel very good about where we are at this point in time


Ultra has also commented recently on test results from the company's horizontal drilling program, which could further extend the life of the field, and potentially, the utilization of our pipeline for liquids gathering.

ultra has also commented recently on test results from the company's horizontal drilling program which could further extend the life of the field and potentially the utilization of our pipeline for liquids gathering


and what that means for us is that we can see a clear path from where we are to over 100,000 supplier connections and tens of millions in revenue in the next few years from ReposiTrak alone.

and what that means for us is that we can see a clear path from where we are to over 100 000 supplier connections and tens of millions in revenue in the next few years from repositrack alone


We saw -- we actually saw during major citywide conventions some of the strongest rates is not actually the strongest rates ever in the city. So

we saw -- we actually saw during major citywide conventions some of the strongest rates if not actually the strongest rates ever in the city so


Depending on what material we can fill. So there are different bottlenecks, and we have a system that I think you have been informed about this, that is actually running quite satisfying at the moment called Scope. This is kind of

depending on what material we can fill so there are different bottlenecks and we have a system that i think you've been informed about this that is actually running quite satisfying at the moment called scope this is kind of a


The exchange offer material, including an offer to exchange a related letter of transmittal and certain other exchange offer documents and the solicitation recommendation statement contain important information.

the exchange offer material including an offer to exchange a related letter of transmittal and certain other exchange offer documents and the solicitation recommendation statement contain important information


The decision to modify the dividend policy is appropriate in an environment where market conditions continue to be challenged. And we see the emergence of bottom-of-the-cycle opportunities in the auto franchise sector.

the decision to modify the dividend policy is appropriate in an environment where market conditions continue to be challenged and we see the emergence of bottom of the cycle opportunities in the auto franchise sector


Expense management will continue to be a key priority and productivity improvements remain a focus. Our new core banking system in Mexico will help drive further productivity improvement.

expense management will continue to be a key priority and productivity improvements remain a focus our new core banking system in mexico will help drive further productivity improvement


And we believe that our decision to elect corporate tax status is in the best interest of unitholders. We believe that there is a willing but ineligible shareholder universe for publicly-traded asset managers that are taxed as partnerships.

and we believe that our decision to elect corporate tax status is in the best interest of unitholders we believe that there is a willing but ineligible shareholder universe for publicly traded asset managers that are taxed as partnerships


Yes, the unfortunate part is that's in their control to launch their powertrain. And again, they're responsible for a number of other components besides ours. The area that I think has hurt them very badly is the transmission.

yes the unfortunate part is that's in their control to launch the -- their power train again they're responsible for a number of other components besides ours the area that i think has hurt them very badly is the transmission


While we are not expecting an improvement in some of our weaker end markets in 2016, we do expect volume to stabilize in the first half and show modest improvement in the second half as comps become easier.

while we are not expecting an improvement in some of our weaker end markets in 2016 we do expect volume to stabilize in the first half and show modest improvement in the second half as comps become easier


Over the last month, we've seen some further deterioration in the outlooks for both of these shows, as their pace of sales did not keep up with our expectations, as well as reductions in our forecast for the New York Now and ASD Summer shows for the aforementioned reasons.

over the last month we've seen some further deterioration in the outlooks for both of these shows as their pace of sales did not keep up with our expectations as well as reductions in our forecast for the new york now and asd summer shows for the aforementioned reasons


Our strategy of effectively managing our space and assets continues to produce strong cash generation and sustainable profits. Gross margin was well-managed, up 80 basis points in the half.

our strategy of effectively managing our space and assets continues to produce strong cash generation and sustainable profits gross margin was well managed up 80 basis points in the half


This is the first Acura model to be produced locally in China. In Japan, production at the Kumamoto plant resumed normal production utilization in September following recovery efforts from the earthquake.

this is the first ancura model to be produced locally in china in japan production at the kumamoto plant resumed normal production utilization in september following recovery efforts from the earthquake


about our new product introductions, about the strength of our solution, about market adoption and about product market fit. But as Brian said, we want to be conservative. We've made mistakes in the past

about our new product introductions about the strength of our solution about market adoption and about product market fit but as brian said we want to be conservative we've made mistakes in the past


If you have followed our calls before, I always underpin that I did not expect the extremely good margin in the segment to remain forever. Still the current level is a satisfactory one.

if you have followed our calls before i always underpin that i did not expect the extremely good margin in this segment to remain forever still the current level is a satisfactory one


However, we will continue to identify them so that you can model them appropriately. As a reminder, these costs are being funded by our China Growth and Impact Investment Program, which was built by grants from the Chinese government.

however we will continue to identify them so that you can model them appropriately as a reminder these costs are being funded by our china growth and impact investment program which was built by grants from the chinese government


This is no accident. It is a result of bringing together a great team, unified in purpose, aligned on our goals and a fantastic group of professionals on the road and in our back offices for making this potential a reality.

this is no accident it is a result of bringing together a great team unified in purpose aligned on our goals and a fantastic group of professionals on the road and in our back offices for making this potential a reality


Debra and I have worked closely over the past 2 years, and I am confident that Debra will successfully build upon the strong foundation for our businesses that we have formed together following the Lorillard acquisition.

deborah and i have worked closely over the past 2 years and i am confident that deborah will successfully build upon the strong foundation for our businesses that we have formed together following the lorillard acquisition


I see many opportunities for us to develop this line of business. Here are just some of them. First, our wellsite storage solutions can be provided to customers in any basin regardless of whether we're delivering sand to that market.

i see many opportunities for us to develop this line of business here are just some of them first our wellsite storage solutions can be provided to customers in any basin regardless of whether we're delivering sand to that market


but the other is analytics truly informing practice. And I think that's what you'll see as we move over the next 6, 12, 18 months is the really coming together of use cases that span the entire solution platform.

but the other is analytics truly informing practice and i think that's what you'll see as we move over the next 6 12 18 months is the really coming together of use cases that span the entire solution platform


Additionally, please keep in mind that we fulfill virtually all of our business through channel partners today and the role that our enterprise sales plays is in support of national accounts that are partially fulfilled throughout the channel.

additionally please keep in mind that we fulfill virtually all of our business through channel partners today and the role that our enterprise sales plays is in support of national accounts that are partially fulfilled throughout the channel


We actually outperformed on the travel trailer towable side, and we underperformed solely on the motor home side, which is a strategic initiative on our company's part. But our same-store sales numbers

we actually outperformed on the travel trailer towable side and we underperformed solely on the motorhome side which is a strategic initiative on our company's part but our same-store sales numbers


Thank you, David, and good afternoon, everyone. It is my pleasure to review with you the results of another solid quarter and a strong finish to fiscal 2018. We have worked very hard over the past 12 to 18 months

thank you david and good afternoon everyone it is my pleasure to review with you the results of another solid quarter and a strong finish to fiscal 2018 we have worked very hard over the past 12 to 18 months


this morning, we are showing that. And we have been looking forward, frankly, to the ability that this natural pause gives us to be able for our stockholders to see that

this morning we are showing that and we have been looking forward frankly to the ability that this natural pause gives us to be able for our stockholders to see that


There are added costs to be absorbed throughout each step of the development to commercialization process as a product moves from discovery through platform to product development to validation and manufacturing and finally, service provision,

there are added costs to be absorbed throughout each step of the development to commercialization process as a product moves from discovery through platform to product development to validation and manufacturing and finally service provision


But beyond that, we'll determine -- when we come to that point and we got that down, then we'll determine what we think the very best use of that cash is from a shareholder perspective.

but beyond that we'll determine when we come to that point and we've got that down then we'll determine what we think the very best use of that cash is from a shareholder perspective


Our plan to achieve comprehensive full-scale manufacturing is on track and we are diligently preparing for the pending FDA inspection of our facility ahead of anticipated approval by the end of this year.

our plan to achieve comprehensive full-scale manufacturing is on track and we are diligently preparing for the pending fda inspection of our facility ahead of anticipated approval by the end of this year


the brokers start hearing that there's going to be some upward movement in the back end of the curve, you may see more refinancings as the year goes along. Dime will not participate at those rates. We don't have to now because we have another line of business available to us.

the brokers start hearing that there's going to be some upward movement in the back end of the curve you may see more refinancings as the year goes along daimler will not participate at those rates we don't have to now because we have another line of business available to us


most notably, lower-than-expected upgrade customers visiting the retail stores. This is a macro trend that involves the entire wireless category and is directly correlated to the customer paying the entire cost of the handset.

most notably lower-than-expected upgrade customers visiting the retail stores this is a macro trend that involves the entire wireless category and is directly correlated to the customer paying the entire cost of the handset


and we began to see the effects of that late this November. We now must work closely with our retail customers to drive this business forward, despite the recent headwinds in the new housing markets, which, again, we began to see in November.

and we began to see the effects of that late this november we now must work closely with our retail customers to drive this business forward despite the recent headwinds in the new housing markets which again we began to see in november


Certainly, share buyback is another way to do that, but returning cash to shareholders to reward them for the tremendous success that HUMIRA has had and will continue to have going forward, is a high priority for us.

certainly share buyback is another way to do that but returning cash to shareholders to reward them for the tremendous success that humera has had and will continue to have going forward is a high priority for us


but obviously high reward if it were to play out is the pancreatic study. That is one that we've heavily risk-adjusted, and so it's not something that we're counting on, certainly isn't something that investors should be counting on at this point.

but obviously high reward if it were to play out is the pancreatic study that is one that we've heavily risk-adjusted and so it's not something that we're counting on certainly isn't something that investors should be counting on at this point


While both are doing fine, they just simply don't -- are not as strong as they were in the prior year. For the fourth quarter, we expect HRS revenue growth will be within the full year range. In addition,

while both are doing fine they just simply don't -- are not as strong as they were in the prior year for the fourth quarter we expect hrs revenue growth will be within the full year range in addition


These increases were largely offset by lower revenue due to previously announced extensions of certain long-term contracts with lower pricing, as well as a decline in mutual fund revenue as a result of continued sub accounting conversions.

these increases were largely offset by lower revenue due to previously announced extensions of certain long-term contracts with lower pricing as well as a decline in mutual fund revenue as a result of continued sub-accounting conversions


We're also fairly well insulated from the vagaries of the general political and macroeconomic environment that we're facing, and this gives us confidence that we can continue to deliver growing revenue margins, profitability and overall improved results.

we're also fairly well insulated from the vagaries of the general political and macroeconomic environment that we're facing and this gives us confidence that we can continue to deliver growing revenue margins profitability and overall improved results


into the future. I will also say that a lot of people think that the public cloud is where everything's going to end up. Some think that everything is going to end up with Amazon. I'll tell you, you will never see that.

into the future i will also say that a lot of people think that the public cloud is where everything is going to end up some think that everything is going to end up with amazon i'll tell you you will never see that


cardiac and musculoskeletal opportunities. And finally, both the Federal and state governments have focused on the epidemic of opioid abuse, which we believe will increase the demand for a unique expertise in this area.

cardiac and musculoskeletal opportunities and finally both the federal and state governments have focused on the epidemic of opioid abuse which we believe will increase the demand for our unique expertise in this area


but did the cement price sequentially -- did you achieve rising prices through the year or is this year the year you need to get a decent step up in cement prices? And for you guys, which is the bigger cost, electricity or fuel?

but did the cement price sequentially did you achieve rising prices through the year or is this year the year you need to get a decent step-up in cement prices and for you guys which is the bigger cost electricity or fuel


will increase as we gain scale. However, that doesn't necessarily mean that this will improve the company's margin because as I usually say,

will increase as we gain scale however that doesn't necessarily mean that this will improve the company's margin because as i usually say


On October 1, we closed our acquisition of Priamus System Technologies. Priamus is a technology leader in the development of advanced process control systems for the plastic injection molding industry.

on october 1 we closed our acquisition of priamis system technologies priamis is a technology leader in the development of advanced process control systems for the plastic injection molding industry


that the development itself is -- the scale of the development is pretty impressive. And you'll start to see the results that our producers are seeing out there. It seems like every quarter they're upgrading their tight curves and they're showing a much better

that the development itself is -- the scale of the development is pretty impressive and you start to see the results that our producers are seeing out there it seems like every quarter they're upgrading their type curves and they're showing a much better


to choreograph these massive industrial systems during these peak seasons. We will begin literally the day after New Year's planning for next peak season.

to choreograph these massive industrial systems during these peak seasons we will begin literally the day after new year's planning for next peak season


For the year, 10% of our new and used home sales were existing renters buying the home they were living in, and an additional 5% of our sales were from customers who were already living in the community and chose to purchase a different home in the community.

for the year 10% of our new and used home sales were existing renters buying the home they were living in and an additional 5% of our sales were from customers who were already living in the community and chose to purchase a different home in the community


New projects has not been approved in the last 5 years we had 5 years in which each year, prices were lower than the prior ones. So this is the year where we have changed this trend.

new projects has not been approved in the last 5 years we had 5 years in which each year prices were lower than the prior one so this is the year where we have changed this trend


We'll then conclude by providing an update on our overall business outlook. The first quarter of fiscal 2017 started out strong and right in line with our expectations. We were very pleased with our revenue and profitability growth, which reflected the continued successful execution

we'll then conclude by providing an update on our overall business outlook the first quarter of fiscal 2017 started out strong and right in line with our expectations we're very pleased with our revenue and profitability growth which reflected the continued successful execution


Cash flow before financing activities is expected to be positive this year, but lower than 2016. Over the past several years, the pace of new Kitchen Collection store openings has slowed and the number of store closings has increased.

cash flow before financing activities is expected to be positive this year but lower than 2016 over the past several years the pace of new kitchen collection store openings has slowed and the number of store closings has increased


Chris Sheppard is always quick to remind us that safety is a journey rather than a destination. It's a point that we'll never forget as we continue on the path of eliminating all injuries from our mines. Now

chris shepherd is always quick to remind us that safety is a journey rather than a destination it's a point that we'll never forget as we continue on the path of eliminating all injuries from our mines


And we attribute it to be the money that we spend on capital equipment. We've got excellent quality that is going out, I think much better than many of our competitors do because they haven't spent the money on newer equipment.

and we attribute it to be the money that we spend on capital equipment we've got excellent quality that's going out i think much better than many of our competitors do because they haven't spent the money on newer equipment


Regarding the use of non-GAAP financial measures. A reconciliation of each used non-GAAP financial measure to its most comparable GAAP financial measure was provided in yesterday's earnings release and is included in this morning's presentation material.

regarding the use of non-gaap financial measures a reconciliation of each used non-gaap financial measure to its most comparable gaap financial measure was provided in yesterday's earnings release and is included in this morning's presentation material


Our investments in people, product and new corporate sales initiatives are beginning to pay off. And when combined with our new revenue management tools, changes to our AAdvantage program and our new mobile platform, the results are even more encouraging.

our investments in people product and new corporate sales initiatives are beginning to pay off and when combined with our new revenue management tools changes to our advantage program and our new mobile platform the results are even more encouraging


that, under the rules here, we would match cost through amortization, the mask cost against future production when we go into production usually a few months away from initial mask, final mask set

that under the rules here we would match cost through amortization of the mask cost against future production when we go into production usually a few months away from initial mask -- final mask set


Some people could obviously do some algebra and calculate a rough approximation, but obviously, we're sensitive on disclosing that to the public at this point in time, but we've never disclosed it.

some people could obviously do some algebra and calculate a rough approximation but obviously we're sensitive on disclosing that to the public at this point in time but we've never disclosed it


we're under no stress or urgencies to make -- urgency to make that decision with all the -- the lack of clarity at this point. Obviously this is something that the board reviews on an ongoing basis, and we'll continue to monitor going forward.

we're under no stress or urgency to make that decision with all the -- the lack of clarity at this point obviously this is something that the board reviews on an ongoing basis and we'll continue to monitor going forward


there's a significant opportunity to drive growth based on volume. And again, the clinical trials that we've designed are specifically addressed to look at those patient subpopulations where Acthar potentially can offer

there's a significant opportunity to drive growth based on volume and again the clinical trials that we've designed are specifically addressed to look at those patient subpopulations where acthar potentially can offer


primarily the result of the adoption of the new accounting standard which requires the excess tax benefit associated with vested or exercised stock awards to be included in the determination of the effective tax rate each reporting period.


The increasing reserves in some businesses seems to indicate that there has been a certain relaxation in subscription criteria and provisioning. What measures will be taken to control the subscription policies at these various subsidiaries?

the increase in results in some businesses seems to indicate that there has been a certain relaxation in subscription criteria and provisioning what measures will be taken to control the subscription policies at these various subsidiaries


I am extremely proud of our employees. Thanks to their efforts, we overcame the challenges raised by the hurricanes to achieve strong financial results and accomplish important milestones.

i am extremely proud of our employees thanks to their efforts we overcame the challenges raised by the hurricanes to achieve strong financial results and accomplish important milestones


The scale of these operations is accurately described as gigantic. Without any meaningful government support, these operations are directly exposed to market forces and must rely heavily on technological innovation to remain competitive.

the scale of these operations is accurately described as gigantic without any meaningful government support these operations are directly exposed to market forces and must rely heavily on technological innovation to remain competitive


the month the inventory was made, and think of 5 months ago maybe as when the inventory was translated. So you get actually a benefit sequentially from -- in the short term from a strengthening dollar.

the month the inventory was made and think of 5 months ago maybe is when the inventory was translated so you get actually a benefit sequentially from -- in the short term from a strengthening dollar


Also, as I mentioned last quarter, we are currently having discussions with a number of banks to obtain a larger and more flexible credit facility. Our goal is to have something in place by the end of fiscal Q3. I'll now turn the call over to Ted.

also as i mentioned last quarter we are currently having discussions with a number of banks to obtain a larger and more flexible credit facility our goal is to have something in place by the end of fiscal q3 i'll now turn the call over to ted


So that has not been a fact from the Gulf Coast. And so we are -- the trend seems to be drawing down in the harbor, we're not seeing any more imports up there, and

so that has not been a factor in the gulf coast and so we are -- the trend seems to be drawing down in the harbor we're not seeing any more imports up there and


We're also excited about the possibility for rising interest rates and potentially lower taxes. And I'll share some comments on each of those items in a minute. But before I do that, let's go through our fourth quarter results. So to summarize,

we're also excited about the possibility for rising interest rates and potentially lower taxes and i'll share some comments on each of those items in a minute but before i do that let's go through our fourth quarter results so to summarize


Turning to cash flow. We expect to continue to generate strong cash flow and to exercise discipline over capital allocation, with prudent reinvestment into the business and the majority of our free cash flow returned to shareholders.

turning to cash flow we expect to continue to generate strong cash flow and to exercise discipline over capital allocation with prudent reinvestment into the business and the majority of our free cash flow returned to shareholders


But we really -- my thinking is this is based on the strength of our Siding business. We see that stable earnings and stable cash flow generation as a means to reliably fund the dividend in the future.

but we really -- my thinking is this is based on the strength of our siding business we see that stable earnings and stable cash flow generation as a means to reliably fund the dividend in the future


The third pillar of our strategic plan is to extend our leadership position in the global learning market by growing content sales of our new regional and industry-based content subscriptions.

the third pillar of our strategic plan is to extend our leadership position in the global learning market by growing content sales of our new regional and industry-based content subscriptions


I think the one where we still benefit a lot from an inorganic component on the retail side is in Germany, where we've acquired a larger chain with 50 stores, which was still fully in the inorganic side.

i think the one where we still benefit a lot from an inorganic component on the retail side is in germany where we've acquired a larger chain with 50 stores which was still fully in the inorganic side


For those of you who may be new to our story, ATLAS is our proprietary antigen identification platform that, we believe, enables us to know rather than predict the right neoantigens for each patient.

for those of you who may be new to our story atlas is our proprietary antigen identification platform that we believe enables us to know rather than predict the right neoantigens for each patient


I'm reading that you will decide on the second half of this year on this matter. Previously, it was communicated it will be in May. So are there any delays in that project?

i'm reading that you will decide on the second half of this year on this matter previously it was communicated it will be in may so are there any delays in that project


The company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated today.

the company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties which could cause actual results to differ materially from those indicated today


We have a few tech clients that the product adoption and the uptake on purchasing isn't where they thought it would be. And so that's a little slower. Same kind of muted experience across a few of our retailers.

we have a few tech clients that the product adoption and the uptake on purchasing isn't where they thought it would be and so that's a little slower same kind of muted experience across a few of our retailers


Kentucky. But your U.S. utility growth rate puts you kind of well above the norm for traditional utilities. Can you talk about some of the other drivers of that besides those 2 items I referenced?

in kentucky but your u s utility growth rate puts you kind of well above the norm for traditional utilities can you talk about some of the other drivers of that besides those 2 items i referenced


And then I think one of the standouts over the last 12, 18 months has been the balance sheet remediation that you've delivered. Beyond the obvious things, I was wondering just if you could give us some ideas, your thoughts as to what the benefits of that are to the business

and then i think one of the standouts over the last 12 18 months has been the balance sheet remediation that you've delivered beyond the obvious things i was wondering just if you could give us some ideas to your thoughts as to what the benefits of that are to the business


We'll utilize these technologies, not only to simply reduce costs, but also to innovate products and services and support human resource development. This will lead to increased revenue and improve basic quality.

we'll utilize these technologies not only to simply reduce costs but also to innovate products and services and support human resource development this will lead to increased revenue and improved basic quality


and 4 of the participants are new entrants to our sector. They see National MI as an attractive partner for their first domestic MI treaty, and we expect they will be receptive to future transactions with us.

and four of the participants are new entrants to our sector they see national mi as an attractive partner for their first domestic mi treaty and we expect they will be receptive to future transactions with us


and specifically, individual wireless subscribers who buy off a company plan have been moved from Business Solutions to Consumer Mobility. Historical financials have been recast to reflect that change.

and specifically individual wireless subscribers who buy off a company plan have been moved from business solutions to consumer mobility historical financials have been recast to reflect that change


people actually believe that they will work. And they realize there's an opportunity there with heat. I spent the early part of this week with 2 chief executives in different parts of the country looking at the potential for heat offtakes in 2 of our facilities.

people actually believe that they will work and they realize there's an opportunity there with heat i spent the early part of this week with 2 chief executives in different parts of the country looking at the potential for heat off-takes from 2 of their facilities


As a consequence, the vast majority of sales in Japan were U.S. dollar-denominated. Sales outside of Japan were consistent with last year as growth in Brazil was offset by modest declines in other markets.

as a consequence the vast majority of sales in japan were u s dollar denominated sales outside of japan were consistent with last year as growth in brazil was offset by modest declines in other markets


within the present served market by doing activities such as we had announcement in China that we didn't specifically talk about in this call because no specific progress was made, no material

within the present served market by doing activities such as we had announced within china that we didn't specifically talk about in this call because no specific progress was made on a material


We also believe that by combining with MTY, Imvescor shareholders will realize immediate value and have increased exposure to growth with less risk.

we also believe that by combining with mty investcorp shareholders will realize immediate value and have increased exposure to growth with less risk


If I could follow up on that. Just theoretically, as your business model shifts more towards service or reoccurring revenue stream that Hubert outlined at the Investor Day, would that imply that you could maintain a lower cash balance than historically on the balance sheet?

if i could follow up on that just theoretically as your business model shifts more towards service or a reoccurring revenue stream that hubert outlined at the investor day would that imply that you could maintain a lower cash balance than historically on the balance sheet


interesting to note that when we reduce prices on faster tiers, ARPU actually goes up because selling goes up and our already low churn is going lower.

interesting to note that when we reduce prices on faster tiers arpu actually goes up because selling goes up and our already low churn is going lower


Elsewhere, Windsor net sales declined double digit as it continued to suffer from the category decline in Korea, and Old Parr performance was impacted by the tax regulation changes in Colombia that I mentioned earlier.

elsewhere windsor net sales declined double digit as it continued to suffer from the category decline in korea and old par performance was impacted by the tax regulation changes in colombia that i mentioned earlier


And so I want to choose my words carefully because you never want to put yourself in a position where you regret what you say. But I think that the difference -- if you -- let me put it this way. If you look at the difference in end market pricing today

and so i want to choose my words carefully because you never want to put yourself in a position where you regret what you say but i think that the difference -- let me put it this way if you look at the difference in end market pricing today


As always, our overall guidance reflects current FX rates, and our results may be materially affected by various factors, including a high level of uncertainty surrounding the global economy and consumer spending as well as exchange rate fluctuation.

as always our overall guidance reflects current fx rates and our results may be materially affected by various factors including a high level of uncertainty surrounding the global economy and consumer spending as well as exchange rate fluctuation


We already have encouraging objective responses in patients with these very advanced metastatic cancers who have failed multiple prior therapies, including the new immune checkpoint inhibitors in some.

we already have encouraging objective responses in patients with these very advanced metastatic cancers who have failed multiple prior therapies including the new immune checkpoint inhibitors in some


Like many businesses of our type and size, we are much better at buying than we are at sourcing, we are much better at engineering for function than we are at optimizing for both function and cost,

like many businesses of our type and size we are much better at buying than we are at sourcing we are much better at engineering for function than we are at optimizing for both function and cost


To summarize, we are excited by the innovation happening at Cemtrex. In all of our divisions, we are taking our services and products to the next level. We are pleased with the brand we have developed thus far and look to increase our awareness moving forward.

to summarize we are excited by the innovation happening at centrex in all of our divisions we are taking our services and products to the next level we are pleased with the brand we have developed thus far and look to increase awareness moving forward


So as a result, for the merchants that we can incrementally start generating more revenue from an existing merchant. And I will also throw -- because you said quantify it -- I'd be able to quantify some as well.

so as a result for the merchants that we can incrementally start generating more revenue from an existing merchant and i will also throw because you said quantify i'll be able to quantify some as well


Because we must respect the board's responsibilities and the detailed nature of this process, we will not be commenting on potential successors or the timing related to any forthcoming announcements on this matter.

because we must respect the board's responsibilities and the detailed nature of this process we will not be commenting on potential successors or the timing related to any forthcoming announcements on this matter


Our legal entity consolidation has made significant progress and the complex registration transfer process is moving along nicely as well. I feel very good about the remaining synergy opportunities on both sides of the business.

our legal entity consolidation has made significant progress and the complex registration transfer process is moving along nicely as well i feel very good about the remaining synergy opportunities on both sides of the business


the percentage of automation that each process needs and the volume that we're going to require. So I actually don't anticipate an unusual increase in CapEx. I think a lot of the CapEx, we've actually already paid for, quite frankly.

the percentage of automation that each process needs and the volume that we're going to require so i actually don't anticipate an unusual increase in capex i think a lot of the capex we've actually already paid for quite frankly


we think this business can produce pretty good cash over time as we grow. So I think it's more of a statement from our perspective of the value of the business model at the moment.

we think this business can produce pretty good cash over time as we grow so i think it's more of a statement from our perspective of the value of the business model at the moment


Sure. And final question for me. Can you talk about the financial health of your airline customers? And how many airlines do you have currently in your watch list, and how many airplanes could be at risk within that watch list?

sure and final question for me can you talk about the financial health of your airline customers and how many airlines do you have currently in your watch list and how many airplanes could be at risk within that watch list


And the key to this molecule is that, it also shows a relatively potent antagonist that feature towards the prostate. And so the plan here is to develop a Phase II or to start a Phase II study

and the key to this molecule is that it also shows a relatively potent antagonistic feature towards the prostate and so the plan here is to develop a phase ii or to start a phase ii study


As Diane said earlier, we're confident in our ability to deliver consistent, profitable and sustainable growth through the continued execution of our strategy, and we will continue to invest in our brands, our infrastructure and our people.

as diane said earlier we're confident in our ability to deliver consistent profitable and sustainable growth through the continued execution of our strategy and we will continue to invest in our brands our infrastructure and our people


Got it, that's helpful. And then the second question I had relates to kind of a more general question. I think one of the things that we're seeing that's really fascinating about the industry and the stocks right now is

got it that's helpful thanks for that and then the second question i had relates to kind of a more general question i think one of the things that we're seeing that's really fascinating about the industry and the stocks right now is


Let me close with our outlook. We entered the final quarter of 2018 with momentum supported by array of favorable market trends and internal initiatives that should bode well for us in 2019 and beyond.

let me close with our outlook we enter the final quarter of 2018 with momentum supported by a ray of favorable market trends and internal initiatives that should bode well for us in 2019 and beyond


Turning to 2019, as Jim highlighted, the coming year will be an opportunity for the investment community to see accelerating results from the work that has been done over the last 3 years to create a platform positioned to take full advantage of the opportunity embedded in this portfolio.

turning to 2019 as jim highlighted the coming year will be an opportunity for the investment community to see accelerating results from the work that has been done over the last 3 years to create a platform position to take full advantage of the opportunity embedded in this portfolio


at our Investor Day on June 7. When we last spoke, I shared with you how I spent my first 3 months in the role, my initial observations and a rough outline of my approach to building the growth plan for this great company.

at our investor day on june 7 when we last spoke i shared with you how i spent my first 3 months in the role my initial observations and a rough outline of my approach to building the growth plan for this great company


The impact of the benefits from the revenue synergies and cost programs will grow in 2017, and we feel we've made very good progress against all of our objectives. So let me highlight some of these accomplishments in more detail.

the impact of the benefits from the revenue synergies and cost programs will grow in 2017 and we feel we've made very good progress against all of our objectives so let me highlight some of these accomplishments in more detail


There's rarely a day that goes by where we don't hear from some customer that's interested in doing something. And we've tried to use those opportunities to start to push the price up a little bit.

there's rarely a day that goes by where we don't hear from some customer that's interested in doing something and we've tried to use those opportunities to start to push the price up a little bit


With clinical momentum growing ever stronger, our robust financial position allows us to conduct and complete all of the trials that we discussed today

with clinical momentum growing ever stronger our robust financial position allows us to conduct and complete all of the trials that we discussed today


Margins have improved across the group as a whole by 50 basis points, the largest single improvement of which has been in Plastics, where the benefit of the restructuring that we've been undertaking for the last 18 months is showing benefit.

margins have improved across the group as a whole by 50 basis points the largest single improvement of which has been in plastics where the benefit of the restructuring that we've been undertaking for the last 18 months is showing benefits


in both of those areas. And what we try to do is we try to align the investment with the revenue levels. It's a bit of a subjective call for us, but we try not to get out ahead of the revenue.

in both of those areas and what we try to do is we try to align the investment with the revenue levels it's a bit of a subjective call for us but we try not to get ahead of the revenue


The aim of this, there are two. One is we would like to swiftly, strongly and flexibly make the future. In order to do so, we need to be more agile. Therefore,

the aim of this there are 2 one is we would like to swiftly strongly and flexibly make the future in order to do so we need to be more agile therefore


As we mentioned in our press release, we anticipate sales growth in the range of 2% to 4%. As always, this reflects a number of assumptions, including about 3 points of incremental sales growth from new products,

as we mentioned in our press release we anticipate sales growth in the range of 2% to 4% as always this reflects a number of assumptions including about 3 points of incremental sales growth from new products


a little bit mismatched, if you will, relative to the downstream takeaway option. So obviously, you've got the opportunities for Comanche Trail and TransPecos, but is there a bigger opportunity for you to move some of those volumes possibly to the south or southeast?

a little bit misbatched if you will relative to the downstream takeaway options so obviously you've got the opportunities for comanche trail and transpacific but is there a bigger opportunity for you to move some of those volumes possibly to the south or southeast


ability for consumers from the noise that's been around the whole lending area driven by Royal Commissions is going to mean that it's going to take a little bit of time to convince consumers that they're going to

ability for consumers from the noise that's been around the whole lending area driven by royal commissions is going to mean that it's going to take a little bit of time to convince consumers that they're going to


In Europe, there have been signs that the effects of the transformation are beginning to come into view, including orders beginning to pick up. And we are strengthening progress management to ensure that those results arrive.

in europe there have been signs that the effects of the transformation are beginning to come into view including orders beginning to pick up and we are strengthening progress management to ensure that those results arrive


Inside Japan, as revenues continued to be generated at high levels, our profitability management for certain projects, primarily for replacing competitor services, turned out to be insufficient.

inside japan as revenues continued to be generated at high levels our profitability management for certain projects primarily for replacing competitor services turned out to be insufficient


Now on to the results. Yesterday after the market closed, we released our second quarter 2016 results. Sales for the second quarter of 2016 were a record for any quarter while earnings and earnings per share were second quarter records.

now on to the results yesterday after the market closed we released our second quarter 2016 results sales for the second quarter of 2016 were a record for any quarter while earnings and earnings per share were second quarter records


were up 35%. Margins were strong, again aided by lower copper prices, although that benefit has been diminishing as copper prices have risen somewhat over the past 60 days, and the relative benefit compared to the prior year's quarters has decreased.

were up 35% margins were strong again aided by lower copper prices although that benefit has been diminishing as copper prices have risen somewhat over the past 60 days and the relative benefit compared to the prior year's quarters has decreased


Well, the fee levels are essentially consistent across the programs. There's some variability that the adviser is able to charge based on the level of services provided.

well the fee levels are essentially consistent across the programs there's some variability that the adviser is able to charge based on the level of services provided


Seeing many of the folks who started in this business started with a business model, which fundamentally did not comply with law in most -- in many, I should say, cities and states and countries.

see many of the folks who started in this business started with a business model which fundamentally did not comply with law in most -- in many i should say cities and states and countries


However, this improvement process is proving to take more time to implement than we anticipated. And it is also evident that some more time will be required before we can see the benefit of

however this improvement process is proving to take more time to implement than we anticipated and it is also evident that some more time will be required before we can see the benefit of it


And if so, would you like to tell us how much you're running ahead? And then secondly was just on the academic business. I know that the GAP investment was never particularly skewed

and if so would you like to tell us how much you're running ahead and then secondly was just on the academic business i know that the gap investment was never particularly skewed


This amendment will be filed on Form 8-K in the next several days. It provides for improved required maximum leverage covenant levels. Under the original agreement, the leverage covenant maximum level,

this amendment will be filed on form 8-k in the next several days it provides for improved required maximum leverage covenant levels under the original agreement the leverage covenant maximum level


As a result of the higher policy obligations, we now estimate that the underwriting margin percentage for our Direct Response operations will be in the range of 17% to 19% for the year.

as a result of the higher policy obligations we now estimate that the underwriting margin percentage for our direct response operations will be in the range of 17% to 19% for the year


this quarter, second quarter. So I think it's a little premature to put numbers on it and model it, but it's, again, a significant additional step that we're taking to try to improve

this quarter the second quarter so i think it's a little premature to put numbers on it and model it but it's again a significant additional step that we're taking to try to improve


This media campaign continues our work from last fall, incorporating digital, outdoor and radio channels as well as our first foray into television advertising.

this media campaign continues our work from last fall incorporating digital outdoor and radio channels as well as our first foray into television advertising


serving not only Safran but also some of their suppliers. Our German business has benefited from strong turnaround activity, and our U.K. business has rebounded and is showing significant improvement compared with prior year.

serving not only safran but also some of their suppliers our german business has benefited from strong turnaround activity and our u k business has rebounded and is showing significant improvement compared with prior year


so we will not be having too much exposure to that. So we focus more on the European business. We will expect further growth only after we get the new capacities to come up to steam.

so we will not be having too much exposure to that so we focus more on the european business we will expect further growth only after we get the new capacities to come up to steam


We also expect to open this year a global manufacturing and technology operations and innovation center. We're currently finalizing our evaluation of locations for that center

we also expect to open this year a global manufacturing and technology operations and innovation center we're currently finalizing our evaluation of locations for that center


Our successful High Street strategy remains unchanged. We continue to deliver on our margin growth and cost savings with more to go, and we'll continue to work on how we use our space to best deliver the strategy.

our successful high street strategy remains unchanged we continue to deliver on our margin growth and cost savings with more to go and we'll continue to work on how we use our space to best deliver the strategy


previously built in completely that Viewpoint and e-Builder acquisitions were already completely in. And then I guess more broadly, and I think you've kind of touched on it already with what you're looking at for transportation, et cetera, but

previously built in completely that viewpoint knee builder acquisitions were already completely in and then i guess more broadly i mean you've kind of touched on it already with what you're looking at for transportation et cetera but


it doesn't belong to us. We have the shares in a trust so the regulator in Israel haven't gave us the control permit. So we maintain the shares in a trust

it doesn't belong to us we have the shares in a trust so the regulator in israel haven't gave us the control permit so we maintain the shares in a trust


Higher volumes from the merchant and contractor remodel channels were offset by softness in the builder channel, due in part to continued general weakness amongst the top U.K. builders, which comprise the majority of our revenues in this channel.

higher volumes from the merchant and contractor remodel channels were offset by softness in the builder channel due in part to continued general weakness amongst the top u k builders which comprise the majority of our revenues in this channel


again, the -- 2018 the way it was laid out, our ability to spend this additional amount of money in technology. And if you work through the math, the effect on -- the effect of tax

again the 2018 the way it was laid out our ability to spend this additional amount of money in technology and if you work through the math the effect on -- the effect of tax


We strongly believe that revenue monetization on both advertisement and subscription front is going to be driven by providing excellent quality content. We aim to further enhance our offering across platforms going forward.

we strongly believe that revenue monetization on both advertisement and subscription front is going to be driven by providing excellent quality content we aim to further enhance our offerings across platforms going forward


More specifically, in AMS, we expect continued sales momentum and improved margins as a result of pricing actions, potentially moderating resin costs and benefits from the Austin closure.

more specifically in ams we expect continued sales momentum and improved margins as a result of pricing actions potentially moderating resin costs and benefits from the austin closure


Likewise, in Latin America where we've had this substantial business over the years, and we've been increasing our sales representation in Latin America and certain countries in South America.

likewise in latin america we've had substantial business over the years and we've been increasing our sales representation in latin america and certain countries in south america


most of the changes that we've made up to this point or all of the changes that we've made up to this point apply to both qualified and nonqualified accounts. So even if the SEC comes out with something, that is not a big pivot for us based on how we've approached it.

most of the changes that we've made up to this point or all the changes that we've made up to this point apply to both qualified and non-qualified accounts so even if the sec comes out with something that is not a big pivot for us based on how we've approached it


and we will follow on with our strategies to grow the company. Once again, thank you very much. And we are available for any future questions you might have. Have a nice day.

and we will follow on with our strategy to grow the company once again thank you very much and we are available for any future questions you might have have a nice day


With that, I'll turn it over to Tom Graney. Thanks, Tom. I will spend the last few minutes highlighting a couple of recent corporate updates as well as reviewing our third quarter financial results and guidance.

with that i'll turn it over to tom green thanks tom i will spend the last few minutes highlighting a couple of recent corporate updates as well as reviewing our third quarter financial results and guidance


We are providing this information to enable investors to perform a more meaningful comparison of our operating results in a manner similar to management's analysis of our business. Lastly, this call is also being webcast and a replay will be available on our website for 2 weeks. And

we are providing this information to enable investors to perform more meaningful comparisons of our operating results in a manner similar to management's analysis of our business lastly this call is also being webcast and a replay will be available on our website for 2 weeks


we think about the bottom line just as much as we think about the top line. And so therefore, we're going to look at cost and we're going to look at our suppliers to help us invest in the future business. And the reaction from the suppliers has been broadly very positive.

we think about the bottom line just as much as we think about the top line and so therefore we're going to look at costs and we're going to look at our suppliers to help us invest in the future business and the reaction from the suppliers has been broadly very positive


We are capitalizing on increased content opportunities in infotainment, safety and battery management systems and winning designs by providing high-performance products to a broad range of customers.

we are capitalizing on increased content opportunities in infotainment safety and battery management systems and winning designs by providing high-performance products to a broad range of customers


in-depth about what your current capacity and utilization of assets? And how you expect that to change over the coming years? And what are the major projects you have in terms of increasing capacity over the next couple of

in depth about what your current capacity and utilization of assets are and how you expect that to change over the coming years and what other major projects you have in terms of increasing capacity over the next couple of years


payer industry is evolving in terms of the request that they have in terms of supporting a claim for reimbursement. So we have to be out ahead of that. We're not reacting to it but being proactive in working with them

pair industry is evolving in terms of the requests that they have in terms of supporting a claim for reimbursement so we have to be ahead of that we're not reacting to it but being proactive and working with them


Any decisions regarding possible financing will take into consideration these factors as they exist at such time as well as the capital needs to ensure a clear path forward for the company's development program.

any decision regarding possible financing will take into consideration these factors if they exist at such time as well as the capital need to ensure a clear path forward for the company's development program


September, I would expect that their sales will probably pretty much stay where we have forecast them. But I think they're -- they will start to

september i would expect that their sales will probably pretty much stay where we have forecast them but i think they will start to


snowing virtually everywhere in Central Canada. So, I think the commentary we provided at the time is that we saw real strong shipments in the December time frame. And if you remember coming out of Q1, that was one of the big

snowing virtually everywhere in central canada so i think the commentary we provided at the time is that we saw real strong shipments in the december time frame and if you remember coming out of q1 that was one of the big


With that, today's call is about our financial and operational results for the first quarter and our outlook. I ask that you please keep your questions focused on our first quarter results.

with that today's call is about our financial and operational results for the first quarter and our outlook i ask that you please keep your questions focused on our first quarter results


The First Interstate brand still has a strong awareness and a good reputation in Oregon, Washington and Idaho. And we expect to effectively capitalize on the brand recognition to grow the customer bank -- customer base in these markets.

the first interstate brand still has a strong awareness and a good reputation in oregon washington and idaho and we expect to effectively capitalize on the brand recognition to grow the customer banking -- customer base in these markets


Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of the Clean Energy's Form 10-Q filed May 5, 2016. These forward-looking statements speak only as of the date of this release.

several factors that could cause or contribute to such differences are described in detail in the risk factors section of the clean energy's form 10-q filed may 5 2016 these forward-looking statements speak only as of the date of this release


We have strong plans for the second half as the up-weight of marketing investment against proven brand plans continues, plans which have been driving improvement in brand equity and category share gains.

we have strong plans for the second half as the upway to marketing investment against proven brand plans continues plans which have been driving improvement in brand equity and category share gains


We also saw Installation Services were additive to sales. We believe Installation Services helps us improve our brand and increases our access to a wider customer market. We

we also saw installation services were additive to sales we believe installation services helps us improve our brand and increases our access to a wider customer market


acquisitions in markets that you're in that are doing well? Or do you lean towards being contrarian in markets that are underperforming in the hopes of getting a deal in advance of a turnaround at some point?

acquisitions in markets that you're in that are doing well or do you lean towards being contrarian in markets that are underperforming in the hopes of getting a deal in advance of a turnaround at some point


We will dense the future by then bringing fiber to our customers by using the digital platforms and applications for better service and by developing meaningful innovations in partnership with start-ups.

we will build the future by bringing fiber to our customers by using the digital platforms and applications for better service and by developing meaningful innovations in partnership with startups


And as we continue attacking the dimensions of our strategic pillars, product, story, service and team, our foundation has become stronger, and our ability to execute more successfully is getting momentum.

and as we continue attacking the dimensions of our strategic pillars product story service and team our foundation has become stronger and our ability to execute more successfully is gaining momentum


And at the end of the day, we have in that market, as well, the income of our discounters that are selling their own private labels as well at lower prices. I think that is

and at the end of the day we have in that market as well the income of hard discounters that are selling their own private labels as well at lower prices i think that is


Encompass also added to its portfolio in the quarter with the acquisition of 2 home health and 2 hospice agencies in the greater Atlanta market and the opening of 1 home health agency in the New Port Richey, Florida market.

encompass also added to its portfolio in the quarter with the acquisition of 2 home health and 2 hospice agencies in the greater atlanta market and the opening of 1 home health agency in the newport richie florida market


Is that correct in your plan? Which segment has low progress, for example? So if you could give me some nuance or image, please.

is that correct in your plan which segment has low progress for example so if you could give me some nuance or image please


Yes. Well, the expansion is around the different -- we're doing multiple processes, multiple shoes and multiple initiatives. Not only are we building shoes and volume on a regional basis to respond to a regional marketplace in terms of

yes well the expansion is around the different -- we're doing multiple processes multiple shoes and multiple initiatives not only are we building shoes in volume on a regional basis to respond to regional marketplace in terms of


taken into account kind of the conversations you're having with your customers at this point and you sort of touched on this a little bit, but what does that suggest to you about the prospects for advanced technology to generate organic growth

taking into account kind of the conversations you're having with your customers at this point and you sort of touched on this a little bit but what does that suggest to you about the prospects for advanced technology to generate organic growth


probably be the case. I would find it hard to understand why anybody would do a non-RemoPro version of treprostinil when there was the RemoPro version available.

probably be the case i would find it hard to understand why anybody would do a non-remaprol version of trapoxinol when there was the remaprol version available


We transitioned away from a regionally focused operation to a globally managed network, expanding capacity and significantly reducing delivery lead times of critical high-value products.

we transitioned away from a regionally focused operation to a globally managed network expanding capacity and significantly reducing delivery lead times of critical high-value products


this was just one facility. Right. Just one facility. So it seems as if you're trying to sort of maximize the efficiencies of each of the groups. And I know you guys are excited about the Color group. I know you see the inkjet market

this was just one facility right just one facility so it seems as if you're trying to sort of maximize the efficiencies of each of the groups and i know you guys are excited about the color group i know you see the inkjet market


We are in active discussions and would expect a significant order in Q4. This is a prime example of how uncertainty around the renewal of the production task credit disrupts the supply chain.

we are in active discussions and would expect a significant order in q4 this is a prime example of how uncertainty around the renewal of the production tax credit disrupts the supply chain


The results that you described, the strong results are a combination of strong recruiting as well as strong licensing simultaneously. And that's some of those fundamental support systems we've worked on over the years to create that.

the results that you described the strong results are a combination of strong recruiting as well as strong licensing simultaneously and that's some of those fundamental support systems we've worked on over the years to create that


reliable and profitable production in the coming quarters. So I'll now hand over to Alister to provide some additional color on the third quarter financial results.

reliable and profitable production in the coming quarters so i'll now hand over to alister to provide some additional color on the third quarter financial results


And what's important is not just the feedback loop, but when you create a revenue stream to support a particular group, whether it's our equity team or this new group or the portfolio management group, you are

and what's important is not just the feedback loop but when you create a revenue stream to support a particular group whether it's our equity team or this new group or the portfolio management group you are


We will be agnostic to whether we find innovation internally or externally. The goal is to continue our tradition of applying our deep scientific expertise as we aim to discover and develop the very best medicines for patients.

we will be agnostic to whether we find innovation internally or externally the goal is to continue our tradition of applying our deep scientific expertise as we aim to discover and develop the very best medicines for patients


with the expectation that those proceeds will be reinvested in properties with improved growth prospects. On that note, we have continued to identify and act upon opportunities to upgrade our portfolio since the new year began.

with the expectation that those proceeds will be reinvested in properties with improved growth prospects on that note we have continued to identify and act upon opportunities to upgrade our portfolio since the new year began


We expect that to continue into the fourth quarter. And what we are trying to do to address that issue is to increase our cake milling capacity to convert the cake into powder. And once it's converted into powder, you can liquidate it far more easily.

we expect that to continue into the fourth quarter and what we are trying to do to address that issue is to increase our cake milling capacity to convert the cake into powder and once it's converted into powder you can liquidate it far more easily


to mitigate the volatile factors that impact our industry and are beyond our control. We are proud of the exceptional execution by our managers in the field. Our effective working capital management and consistent gross profit margins

to mitigate the volatile factors that impact our industry and are beyond our control we are proud of the exceptional execution by our managers in the field our effective working capital management and consistent gross profit margins


Our business model positions us well to increase our market share in the current environment as our customers typically place orders for smaller quantities on a more frequent basis when metal prices are declining.

our business model positions us well to increase our market share in the current environment as our customers typically place orders for smaller quantities on a more frequent basis when metal prices are declining


We look forward to sharing our progress as we build this company to becoming a pure-play multi-technology dermatology company and achieving our purpose of relentless passion for healing. And thanks again.

we look forward to sharing our progress as we build this company to becoming a pure-play multi-technology dermatology company and achieving our purpose of relentless passion for healing and thanks again